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[JAKARTA] Indonesia's PT Indofood Sukses Makmur Tbk said it plans to sell down its controlling stake in Singapore-listed food processing firm China Minzhong Food Corp Ltd for S$416.4 million (US$314.48 million).
Indofood said it was selling the 52.94 per cent stake because China Minzhong Food "needs a longer time to reach the targeted result, bearing in mind the current investment sentiment level in China". It did not give further details.
Indofood said it plans to sell by June 347 million shares in China Minzhong Food at S$1.20 each to China Minzhong Holding Ltd, an investment vehicle controlled by the food processing firm's senior executives, including the CEO.
The sale would reduce its stake to 29.94 per cent from 82.88 per cent, Indofood said in a stock exchange filing late on Thursday.
Indofood launched a takeover offer for China Minzhong after the company was attacked by a short-seller in 2013.